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City, State Talking to IRS about Helping Ratner

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New York city and state are trying to get the Internal Revenue Service to approve tax-exempt financing for the Nets' new arena, but the IRS is resisting. The financing would save Ratner around $150 million on the $950 million cost of the arena which a city official described as "important to us". The official would not comment when asked if the city would make up the loss if the IRS balked.